Inflation in America is all about one thing

The latest monthly data from the Bureau of Labor Statistics
showed that the
consumer price index rose 0.2% in July from a year ago.
Excluding food and energy, core prices climbed by a meager 1.8%.

This chart, via Bloomberg's Matthew Boesler, shows that
shelter price growth (the yellow line) has risen over the past
couple of years, while price growth for virtually everything else
(the blue line) have been on a downward trend.

The latest CPI data showed that shelter costs rose 0.4% in July
from June and have risen every other month this year. Compared
with last year, they are up 3.1%.

Last month, the National Association of Realtors, which publishes
monthly home sales data,
noted that limited supply pushed the national median sales
price to an all-time high in June. The prior peak was in July
2006 before the housing-market downturn.